Lexington, Texas Property Taxes
The median property tax rate in Lexington, TX is 0.53%, considerably lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Lexington at $558,370, the typical annual property tax bill reaches $3,283, exceeding the national median of $2,690. Property taxes in Lexington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lexington's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lexington or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lexington, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$2,959
$2,738
Ownwell’s Lexington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lexington, Texas
Property taxes in Lexington, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 0.53%, which is significantly lower than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lexington's effective property tax rate to other counties in Texas and the national median. For comparison, the zip code 78947 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Lexington provides valuable insights into the varying tax landscape across Milam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
0.53%
Average Milam County Tax Rate
1.45%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78947 | 0.15% | 0.44% | 0.53% | 0.90% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Texas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lexington, Texas. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Milam County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in Lexington are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. In Lexington, the highest median tax bill is $3,283 in the 78947 zip code, while the lowest is also $3,283 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lexington Assessed Value
$558,370
Average Milam County Assessed Value
$146,970
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78947 | $193,030 | $353,310 | $558,370 | $839,500 | $1,138,790 |
Source: Ownwell
Property Tax Bills Across Lexington, Texas
Property tax bills in Lexington, Milam County, TX, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically updated to reflect current market conditions. Several factors influence this assessed value, including the property's location, size, and any improvements or renovations made. For homeowners in Lexington, the median home price is $558,370. Tax bills can vary significantly, with the 25th percentile paying around $1,881 and the 75th percentile facing bills up to $4,807. At the high end, the 90th percentile sees tax bills reaching $5,459. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the local market's dynamics. High property taxes can impact homeowners by increasing the overall cost of homeownership, influencing decisions on buying, selling, or renovating properties. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Lexington Tax Bill
$3,283
Average Milam County Tax Bill
$1,812
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78947 | $792 | $1,881 | $3,283 | $4,807 | $5,459 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Milam Appraisal District | |
| Website | esearch.milamad.org |